What you need to know
Management analysts, often called management consultants, propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.
Management analysts usually divide their time between their offices and the client’s site. Because they must spend a significant amount of time with clients, analysts travel frequently. Analysts may experience stress when trying to meet a client’s demands, often on a tight schedule.
Some of the things a management analyst might do:
- Gather and organize information about the problem to be solved or the procedure to be improved
- Interview personnel and conduct on-site observations to determine the methods, equipment, and personnel that will be needed
- Analyze financial and other data, including revenue, expenditure, and employment reports
- Develop solutions or alternative practices
- Recommend new systems, procedures, or organizational changes
- Make recommendations to management through presentations or written reports
- Confer with managers to ensure changes are working
- Analytical skills: Management analysts must be able to interpret a wide range of information and use their findings to make proposals.
- Communication skills: Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.
- Interpersonal skills: Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals.
- Problem-solving skills: Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.
- Time-management skills: Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.
The average pay for management analyst in the United States ranges from $50,190 to $163,760 as of May 2021.
The specific pay depends on factors such as level of experience, education and training, geographic location, and specific industry.
Employment of management analysts is projected to grow 14 percent from 2020 to 2030, faster than the average for all occupations.
Demand for consulting services is expected to grow as organizations seek ways to improve efficiency and control costs. As markets become more competitive, firms will need to use resources more efficiently.
Growth is expected to be particularly strong in smaller consulting companies that specialize in specific industries or types of business function, such as information technology or human resources.
A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).
Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, accounting, finance, marketing, psychology, and computer and information science.